Green Delta Capital completes issuance of Runner sustainability bonds

Green Delta Capital Limited (GDCL) successfully completed the issuance of Runner Auto Sustainability Bonds of Tk 2,675 million, according to a press release.

The proceeds from the bonds, with seven years' tenure, will go towards enhancing the credit support facility for Runner customers as well as the construction of a 4MW rooftop solar plant for Runner's three-wheeler manufacturing facility in Bhaluka, Mymensingh.

This is the first-ever sustainability bond in Bangladesh, certified by Moody's Investors Service Singapore Pte. The features of the bonds are aligned with the International Capital Market Association's (ICMA) Sustainability Bond Guidelines 2021.

Moody's is a global integrated risk assessment firm that empowers organisations to make better investment decisions. Moody's Investors Service Singapore Pte is a part of the organisation dedicated to provide independent analysis of sustainable financing frameworks.

Runner Automobiles is a manufacturer of two-wheeler and three-wheeler vehicles in Bangladesh. Recently, RAPLC has inaugurated the country's first manufacturing plant of three-wheeler auto rickshaw for local and foreign markets.

The bond is guaranteed by GuarantCo Limited, a guarantee provider company based in Mauritius, reads the press release. The subscribers of the bonds are American Life Insurance Company Limited and Green Delta Insurance. DBH Finance was designated as the trustee of the issue, while Green Delta Capital Limited was appointed as the security agent, it adds.

Source: The Business Standard

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